trying to fix today? >> where do i begin with the fixing. we're going to talk ruble and oil ripple effects on banks and on apple. we'll give you the low down as well as the trades. >> there were some big moves today. tesla, amazon declining as well. a lot of stuff going on below the surface. it wasn't just russia and oil, that's for sure. >> we're definitely going to show you an interesting chart in particular on tesla, which closes 50 something cents off its lows. one chart you need to look at. straight over to you guys. >> thanks, kelly. "fast money" starts right now. i'm melissa lee. tim, dan, steve, and guy. a wild day for stocks today. and the volatility may not be over. the s&p, dow, and nasdaq all closing in the red. the vix closing up more than 15%. oil actually closing higher today. breaking a four-day losing

streak. but tomorrow will bring a federal reserve decision. investors are expecting the fed to stick with the course of raising rates. could that drive the dollar higher, oil lower and spell more bad news for stocks? >> it may, absolutely. it looks like we're down 17 handles. if you're going to stretch it out and look at it, bouncing the lows, about 50 handles, a selloff. to me, the price action was as bad today as we've seen in some time. 1950 is the 50% correction of the october 16th low. i think we tested tomorrow. we'll see what happens when we get there. >> we had about six other times that we tested, counting the last test of the 200, seven times that we broke that 100-day moving average. the 50-day is at 2001. the last six times that we did this, we stayed there around two

to four days. so this is pretty much standard procedure. i would think that we have to stay here for another two to three, four days possibly. but that 1950 mark that guy points out, the 200-day is ascending, so that's 1947. obviously moving higher, it's going to be the 1950s by the time we get there. that's probably a great level to test. before you start to buy into this market again. >> so wait. >> i would wait. >> okay. what we saw in today's session, risk-off. because it wasn't sectors obviously hit by russia or oil. i mean, oil stocks finished up sharply. rsx was up today. it was the risky, the beta trades. >> before we get to russia, right. the dollar was weaker today. what does that tell you? look at what the yen was doing. last week was its best week in 16 months. the funding currencies are getting -- basically seeing those trades come off overnight vol. russia had a big part of that. what i say today looked like

around 11:00, guy makes reference to this. i thought we were having that classic reversal on the s&p after a 5% move. you saw this, but we gave it up. to me, this sets you up for 1920. it sets you up for a lot more volatility. gets you to the high vol print in october. >> this is a new high. >> it filled in that crazy gap on october 15th that we had, this massive move in rates. that was actually the all-clear sign for the s&p 500. that was the low that day. when you think about heading into tomorrow's rate decision, i mean, listen, they've already floated this trial balloon. i think if they do that, i think you actually see bonds, you see them come in. i think you see things settle out a little bit. the price action today in crude and russia and a lot of these things that had these crazy moves, they kind of settled in. the s&p was unchanged half an hour before the end of the day. it just felt like people wanted to get out and that's what they

did. i don't think that's exactly indicative of what we're going to see for the balance of the year. >> so if the fed does exactly what it says, it has telegraphed what it will do, you think things settle down? >> i think so. i think the fed has no interest in throwing a match into that oil barrel right now. >> i think that's a good point, though. but if you look at the chart of the s&p and crude overlaid on top of the s&p, from the first week of december, this market is trading strictly on crude levels. so to your point, if they strengthen the dollar, crude goes lower, the market overall goes lower, will go lower. crude needs a price of $65. that's where you saw that major break in the s&p. once we've reached that 65 level in crude down to the downside. so we've all talked about these break even points. it seems like mid 60s is where you really have to watch. >> dan might be right for a couple days, but i think absolutely this thing is headed back to the 2012 high, whatever that was, 131 and the tlt. i'll stay in that camp. the rates are going significantly lower than where

we are now. we got down to 182. october 15th obviously spiked back. but i think we're headed to see that again, if not lower. >> let's check out our chart of the day. tim seymour made it to the smart boards. what are you watching? >> i made it to russia back in '97. i think it sets up to tell you where ultimately russia could go if we see stability in oil. first of all, just to see where we went here. traded down to about 573. this is the same level we traded up to at the market in july of 1997. russia led up. the same level it hit and bounced off of back in the lows of 2009, and a level that we had to hold around here was the trend line, which it broke. what is it telling you? first of all, oil typically leads russia, except for the moments in history where russia has actually led oil down. that was 2008.

remember when russia invaded georgia? this was before emerging markets really fell out of bed. but russia bottomed first. ultimately, russia is leading oil. so, my view here is if you look, russia is starting to rally back here. when oil started to stabilize, russia started to rally. russia doesn't need oil to go to 110. it needs oil to find a base. the russian budget is based on ruble revenues. these guys are right now only running a budget deficit about 1.5%. what it means is first of all, oil's choppiness is taking a lot of people down. russia's got its own unique set of problems. but i do think russia can rally. i don't think you're going to see that overnight because i don't think the oil is going to bottom here. but it's a very interesting time and i've seen this. i've seen multiple cycles in russia. it always overshoots. i think this time is different because unlike in '97 and '98, russia right now, the trust there, it's not a partnership. there was always political will on both sides.

we know there's an economic crisis now and i think that's the key. you have both those scenarios here. so i don't think russia needs to run away. but again, best time to make money is when things stabilize and go from terrible to bad. >> so stabilization of oil, you drew a line on that chart at $80 a barrel. is that the level we need to see? >> i don't think so. i think we can start to see stabilization somewhere around here. this is at least a level where you saw russia start to at least find a base. the ruble was finding a little bit of a base. i think oil probably is $55 to $60. is that new normal? maybe. but in that environment, russia is so oversold. and again, we're at price levels and valuation levels which on some level mean nothing, but russia can rally in that environment. >> so obviously the drill is under considerable pressure. if you're looking for a trade real quick, the price action, look at the move-in rate today. new 52-week low, probably a lot longer than that. reversed and traded higher. looking for an opportunity in

sdrl, you might have gotten it today. did bounce, did close hire. maybe a risk/reward finally is defined in sdrl. >> i've got a lot of questions about the rsx. a 20% rate today. down to 12.5 and as high as 15. that reminded me a lot of september 2008 when we saw it in our own indices. we saw it in a lot of individual names. the first reversal day wasn't the only day to buy them. i don't think you have to rush in on the first reversal day. a lot of people were asking, what about rsx calls? implied volatility is up. that's the price of options. you don't really want to be paying high prices on options directionally when they're going to come in. if it goes your direction, the prices are going to come in. you get the direction right, but the trade wrong. >> let's get to moscow live now. financial times correspondent jack barchi is there on the ground. what's the latest?

>> well, i spent today going from shopping centers to banks, currency booths, and what i've observed over the course of the day is growing concern as the day wore on and the ruble fell and fell. and it's very -- ordinary russians and from everything i hear, from executives and traders, russian companies as well have simply lost faith in the ruble. i saw people taking out as many euros and dollars they could get their hands on. one bank, the biggest bank in the country where i went into at 7:00 this evening told me we've only got $100 left in cash. i said how much did you have at the start of the day? they said $100,000. there are several hundred

branches across moscow, and many thousands across the country. so you can see already that there's a real loss of faith. the other thing that i point out, it's just amazing to go to some of the high end retail shops, so for example going around apple retailers this evening and one shop assistant told me they've seen three times the daily sales the last couple days than they usually see. another shop i went to told me they've already sold out of the iphone 6s and ipad airs. they have nothing left. >> jack, we're going to leave it there. thanks for joining us. joining us via skype. that's why the connection is a little bit shakshaky. we should note that apple halted online sales because of the extreme volatility in the ruble.

we'll have much more on that ahead, but in terms of the fx market, jack showed a picture that he took showing the -- there's no cross. we've seen that and we've seen fxcm today, the third largest retail bloker for currencies step away. saying you can't have new positions and you've got to get out of the position. hold up of the selling do you think was technical? >> i think a lot of it's technical. you saw the turkey central bank have to defend their currency. saw places which actually benefit from oil under a lot of pressure. i think this is the funding trade. it's some tension over the fed tomorrow. i think we're going to talk about apple later in the show, but there are u.s. companies that are very concerned about what's going on. pepsi has a huge business in russia and pepsi gets probably 11% of their revenues coming from that part of the world. so to the extent that em currencies have had a bad run, i don't think it changes overnight. i think the funding currencies are continuing to be unwound. >> drama in the oil markets and all over russia. we'll tell you which big banks are most at risk and how to play it. that's next. plus, tesla breaking below $200

a share. dan says he sees a triangle of death. death, he says. is tesla stock dead money or is this a great buying opportunity? we'll debate it. that's next on "fast." once there was a girl who always mixed and matched. even in her laundry room. with downy unstopables for long-lasting scent.

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oil breaking a four-day losing streak today, but it's still down 26% in the past month alone. david, great to have you with us. your report was interesting because it was actually outlined by percentage of total loans and various other buckets. citi had the most exposure. >> right. >> citi is also one of these banks that for better or for worse, whenever there's something wrong in at the merging markets world or globally, that's usually the bank that's punished basically. >> citi has a lot more exposure. but i don't think any of the energy exposure is going to be a particular problem. citi is the most global bank from the united states.

it has been a multi-national global bank to energy companies for a long time, so their credit exposure is at a very high level in credit quality. in their portfolio overall, about 80% of their out standings are investment grade. to not figure out that fracking exists and to go buy mineral rights in north dakota. >> what if we take energy exposure plus russia exposure and put that all together. is that enough to be a concern for you? >> it isn't for me. citi is actually my top rated stock. i have more upside to my citi target price than any other b g bank. i do think they're going to buy back a lot more stock. credit quality for the banks overall has been very good on the commercial side. i think they can certainly handle this. the russian exposure is -- city's total exposure to russia is less than one half of 1% of its total assets.

>> so get to a place where if you want to turn russia into a lehman style event. if putin said, we know what it would do to russia, it would isolate them for many years. what would that do to the system? is this the kind of a risk, a systemic risk for markets right now? i don't know what putin's next move is going to do, or be. and to me that is something that could still be out there. >> i mean, to me, it doesn't feel like 1998. and i was governing these banks in 1998. it feels very different. citi's total corporate loan exposure to russian companies is around $7 billion. >> right. >> i mean, essentially on a $2 trillion balance sheet. so it's nothing. and again, they've had a lot of time to build up the reserves. in terms of the global financial system, it also doesn't seem that russia is enough to freeze

the global financial system. certainly the way lehman did. >> is the flattening of the yield curve a concern for you looking at these banks going forward? clearly i would say the lion's share of analysts did not have rates going to where they are right now. >> most -- the rates that matter the most to the largest banks are short-term rates. so the flattening doesn't really bother me. what i think is best for investors to remember is that all the large banks are positioned to benefit if rates stabilize at a higher level. we can disagree on when the fed is likely to do that. i think we'll get a clear tomorrow. all of the biggest banks would benefit if short-term rates stabilize at a higher level. >> david, thanks for stopping by. what's your trade here? >> if you look at it, we've compared these banks before. wells fargo is up 16%. jp morgan is basically flat. instead of focusing on energy exposure, i think you have to focus on who's performed here.

because perception is reality. people are going to sell a name. i think you just buy wells fargo off of this. >> they have. i agree with that. 50 bucks is the level. it looked like it was absolutely breaking out a week ago. i look at where city has bounced multiple times and i feel very confident technically that that's the right level. i also feel very well-rewarded on valuation for buying a company that has a lot of growth and still has limited downside. >> citigroup is down 5% from a 5 or 6-year high. we can't kwaquantify what's goi to happen. it could just take the fear of such an event. to me, i looked at the xlf, and i looked to define my risk.

i bought it 24-21. put spread out in february. i'm trying to basically get back to the february lows. >> let me ask you this. do you believe that it is a real risk, or do you believe the perceived fear of that risk -- >> that currency reserve number keeps getting lower. and at some point, it could be much, much lower. if you do get a default -- you know, he said for citi in particular, they only had this amount of exposure to citi group. what is their exposure across emerging markets? that's really the question. what is their exposure to brazil, venezuela? that's where the contagion happens. i know the fear of it could send these stocks lower. >> we've got an earnings alert. let's get to don in the newsroom. >> darden shares are up 2%. demand rose at its flagship

olive garden chain. sales rose by nearly 5% there. it also raised the lower end of its guidance. a relatively light trade here, but it was just a couple months ago that jeffrey smith and the guys got their whole board replaced, and now they're starting to see at least a little bit of a move to the upside on darden. back over to you guys. >> we talked about this in terms of the risk/reward. >> how do you trade it right here? a stock i think is trading around 57 bucks. but this is right at the levels we last saw this time in 2012 and we failed. so how do you trade it? i'd rather buy this stock on a breakout above 60 bucks than to buy it here and hope. i know that might sound counterintuitive. could amazon soon be looking to go the way of the spin-off? we've got the details when we come back. and later, could russia's instai instability for apple? we'll lay out the emerging

market risk. that's coming up. >> from record-break highs to major market meltdowns, every night, they serve up in-depth analysis and actionable advice. >> i think you can buy here. i don't think you have to risk that much. >> all to help you prepare for the next trading day. >> this selloff is not over with. >> this is "fast money." >> i think the stock has some legs to the upside. >> have a question for the "fast money" traders? tweet us @cnbcfastmoney.

tesla falling below that key $200 level earlier today, ending the day lower by nearly 2%. this is the first time below 200 since may or so. >> this stock usually does not spend a whole lot of time below its average. if you chart this, you could overlay crude, you could overlay china on this. china was supposed to be their hit market. obviously crude has the effect. you're dealing with a different type of clientele, so it shouldn't really have a dramatic impact. i think it's more about competition.

>> if it closes below, it will test below the may low of 180, so i think you're still going. i think from here on in, that's how you traded. >> what about this triangle of death? >> oh. >> here's the thing. you can be skeptical about valuation as much as you want, but the technicals were very good for most of the year until just a few months ago. we have a chart right here. 200 being the neckline. you guys all know what that is. that is the trial of death. that is textbook head and shoulders. i'm going to throw more in at you. the 200 day and the 50-day doing the death cross. dropping below the 200 day. >> you have a triangle of death. >> an impending. >> that's two negatives. >> come back to life. >> and i don't want to be too

negative. >> too late. >> hold right in here. this is where it should and kind of has to hold. this is not something to trade off the chart or trade off a valuation, but we know the story here and it's got legs to it, at some point, at some price. >> i think this is where you absolutely trade on valuation. what you're seeing is it doesn't hold water in this environment. people have much better insight into the battery life. this is a place where tesla should be embracing competition, and they're not for mass market adoption. this is another way the stock is overpriced. >> here's the thing, if you want to press it like tim suggests, you want to wait until it comes back and test that down trend line. that's the key here. you don't press it right here at $200. that would be right in line with the 200-day moving average. >> are you in on any tesla trade based on these two death omens? >> can i tell you something? with one handle on it, between 150 and 200, i'm going to start

building -- >> we're right here right now. >> listen, we're traders here. there's no reason to jump right in. the technicals are not good. >> next up here, amazon getting hit hard here, down a whopping 20% so far in 2014. could the e-commerce giant soon be looking towards a spin-off in hopes of bringing more value in line with its competitors? let's welcome back john -- aka j.j. flash. >> that's what you want to call me? >> so how would it split? >> there's a research note out from a firm that specialize in spin-offs. one of their two big technicals. i think the idea is that you split apart amazon cloud services. stock would go up. maybe somebody would buy it. i think wlorhether or not you tk this is a good idea, to me it's

symptomatic of what's going on at amazon. managers i spoke to said is it possible someone could go activist on these guys? they're not making profits. so when people get frustrated long enough, the stock drags, you see ideas like this pop up. hp and e-bay both said this was not going to happen. similar reasoning with e-bay. you could make the same argument with amazon. to me, the takeaway is that these guys are not giving investors what they want. >> i would think that the retail side of the business would have to trade at a lower multiple, but so would the aws side of the business because there isn't really a competitor trading at that lofty a valuation. >> rack space is a pretty good comparable. amazon's are way below that. that's because the retail business is pretty low margin. so the idea is it would appeal

to different sets of investors. not so different for many of their stores. >> if you founded this company, you own 18% of the company, he has so much garbage bunched up here. doesn't really care about valuation. doesn't really care about what wall street thinks. i just don't think -- i think he gives them the heisman here. when you think about it, that ridiculous valuation that the company has right now, it's kind of masking a lot of investment in other things. to mel's point, if you put out this -- why are their margins so low? because they're undercutting everybody on the planet for market share. i don't think it makes sense. i don't think there's any trade here on that, to be very frank. >> that's fair. i mean, i don't necessarily think this is the best idea in the world. i think it's interesting, though, because the complaints keep piling up. when you've got people making pretty reasonable complaints, when you have these more aggressive complaints coming in, it's possible that over time

you'll start listening to these more reasonable requests. but i would agree with you. i don't think this is the best idea ever, but it's amazing to me that it's getting this bad. >> right. guy? >> i think we're navigating this one decently. play for if bounce off the double bottoms. at 295, i think you're in absolute no man's land. you are flipping a coin on amazon. so how do you trade it? see if it trades 280 and bounces? i don't think it will the next time. or you play a breakout if it gets above that recent high we made at 340. right here, i think it's an absolute coin flip. >> john, thank you. coming up next, everyone's watching the fallout from russia, dan's got one country that could be the next to drop for u.s. equities.

later, we're crunching the numbers on apple's exposure. could the tech titan be in trouble? stay tuned. when electricity is with natural gas instead of today's most used source, how much are co2 emissions reduced? up to 30%? 45%? 60%? the answer is... up to 60% less. and that's a big reason why the u.s. is a world leader in reducing co2 emissions. take the energy quiz -- round 2. energy lives here.

still ahead on "fast money," russia's troubles are far from over. we've got someone who says a global financial war is brewing. he'll explain why. apple stopping online sales in russia because of the ruble drop. we've got a top analyst to tell you whether the emerging market drama could put apple and other stocks at risk. and rumors of activists' interest in mcdonald's taking center stage today. but first, we start off with russia. the collapse of the ruble may just be the most recent battle in a bigger global financial war. joiping i joining us on the fast line is brian kelly, otherwise known as beakers. what do you see? >> it's clear we're in the middle of a global financial war. we started with the currency wars. now it's gone to oil. this collapse is just the most recent battle in the war. now you have to be concerned about what are the knock-on effects. i think in general, you have to be worried most particularly, i

think the biggest thing i'm worried about for 2015 are u.s. interest rates. russia, china, and the fed, the largest holders of interest rates are no longer going to be buying those. therefore you could have a spike in interest rates that nobody's expecting. >> and what would be the ramifications of that? like, what is the tradeoff of that thesis? >> listen, it would be extremely bearish for u.s. equities, number one. the trade would be the sell tlt, or buy tbt. i sold my tlt today and sold my u.s. treasury position today. that's the biggest trade. just like in 2014 when nobody expected rates could go lower. in 2015, you could get a rate spike and the economy get worse. i think that's the biggest thing when you're talking about the global financial war. that would be my move. if i was russia, the first thing i'd do is start selling treasury bonds. i'd take those dollars and use them to fund my companies and/or

perhaps buy cold. >> you look at differentials between the u.s. tenure and europe, why wouldn't the u.s. dollar -- excuse me, the u.s. treasury market continue to get bid every time you see these differentials go even further? what are they going to be doing, buying european treasuries? they have an enormous treasury position and they're not going to throw that at their currency. >> so listen, does it happen tomorrow? probably not. what i'm saying is if i were russia, i would be selling it on the layout. there's no reason why -- i agree with you -- that u.s. tenure can't go below 1%. i'm just saying the move that we had in tlt in the very short term may take some profits off. but going into 2015, i would be concerned about that. that is a financial weapon that you have to be worried about. >> brian, thanks for phoning in. brian kelly joining us on the fast line. russia may be commanding all the attention today, but dan is taking a look at which country

should be the next shoe to drop for global equities. >> i'm just an options boy. i don't get all this macro stuff. i'll leave that to the start guy like tim over here. when i think about a few companies here, let's look at mcdonald's, let's look at cat, all down about 10%. a lot of these guys are relying on china for future growth here. there plenty that we vice president talked about. but they're citing weakness in china, when we've had a lot of weak chinese economic data. to me, when i think about the rally that we've seen. when you think about the rally that we've seen in the shanghai composite, it's up 50% since the summer. something's got to give here. as a trader, i'm trying to look for these bifurcations. >> dan's bringing up a good point. the key to me is that china doesn't really trade on fundamentals. it's all about liquidity. when i'm looking at the non-local market that you can buy, i think you have to find the place where is you do have a

valuation story and you may not be tied to a lot of this whimsical liquidity. it's why i continue to like china mobile. but these names are the high names for the entire group that throws emerging around and you have to be very careful. >> big movers of the day. a pop for sun power up 2%. >> solar really having a horrendous time. sun power down from 40 to 23. stock gets a bounce today, and i think if you look at the valuation, these guys have growth. these guys have yield. this is where you have to start to look at companies that are doing something different, that are leaders in their industry. these guys are definitely one of them. i am interested at this level. >> a 2% process. >> a new ceo. their input cost is oil basically, right? so that's been cut in half. i think you sell this, though. the short interest is not big enough to have that huge pop, so a 2% pop. it should have rallied more. >> another drop for google, down 3%. >> this one's in full-on

correction mode. it's down about 20% from the all-time highs made earlier in this year. this is troubling. one that has been universally loved until earlier this year. i'm just going to say one thing. this is when you have to start thinking about these out year estimates. analysts expect high teams, earnings and sales growth and it's trading at a multiple below that. which is the first time in a very long time. are we about to see a q4 miss and a guy down for 2015? >> this is one that all of you have been universally in love with and it's crashing before your eyes. >> you're on. >> he was not done. >> i can pass my time. more than doubled since may. i think it's going to trade down to 50 and you buy it from there. >> pop for elvis.

look out, queen elizabeth. the king of rock 'n' roll is taking london by storm. the exhibit opened yesterday. it featured 300 elvis artifacts, including jump suits, guitars and movie memorabilia. his former wife priscilla was on hand to greet fans. >> looks like elvis a little bit. >> looks like priscilla. coming up, coming up, coming up, apple halts iphone sales in russia. will it feel heat from an emerging market meltdown? more "fast money" straight ahead. the equipment tracking system will get you to the loading dock. ♪ there should be a truck leaving now. i got it. now jump off the bridge. what? in 3...2...1... are you kidding me? go.

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malenovich. it is becoming a more significant headwind in the current period, so how should we brace ourselves? >> there's going to be an effect on technology from two things. fall. just currency translation. apple is more or less saying last october. now it could be three or four points. so the multi-nationals get hit there. what about underlying demand? about 2/3 of their iphones go to emerging markets, but most of that's to china. our surveys suggest that chinese demand is very strong, particularly the bigger six plus. so i think apple can get through this period. but what it means six to 12 months from now when maybe you don't have quite as powerful a product cycle, we'll have to see. >> let's try to figure out what the worst case scenario could be. let's say russia doesn't buy any more. let's say eastern europe. let's say latin america.

what is the worst case scenario? what's the worst for apple? >> we've been carrying about 16% revenue growth for apple. i guess people in those countries just don't really buy much of anything. you could see that in the more 10% to 12% range. russia is less than 1% of ieiphe shipments. so aside from china, there's not a ton of emerging market exposure. apple is tending to sell to your more affluent customers. we're betting on people to buy those iphones but it's still a relatively small segment. >> i'm sure other people will see a bigger impact. >> ibm was bragging that 25% of its revenue came from emerging markets. well, those markets respect growing right now. i would guess that's down 15 to 16%. cisco has talked a little about that as well. hp. emc. anybody with a lot of overseas expoe sure is going to see a

revenue hit. >> what does that mean for ibm? here's a stock that has traded awful until recently an amazing take. you've had the buffett factor. nothing seems to help. where does this stock go? >> it's probably fairly equal. we put out a report suggesting it's really going to trade on its free cash flow and we expect an improvement on free cash flow this year. but nothing real dramatic. so i think it's probably in the process of bottoming. but frankly, from a business standpoint, it's beginning to take two to three years for ibm to probably get its mojo back. we look at about ibm and 2/3 of the revenue is still legacy revenue. so that's going to continue to be a drag as much as they're performing in cloud and big data. so stocks down a lot, oversold, but we don't see a substantial recovery. >> so it could be dead money for quite some time. >> i think that's right, melissa. >> thanks for coming by. >> we know this, that apple just reported 14% of their sales came

from china. here's the thing. china mobile has come online. i know tim is a big fan. eight hundred million subscribers. only about 100 million of them actually have 4g capabilities. so to me, this thing has to stick. we talk about a lot of local competition. at some point, once you get through this product cycle of the six-plus, it could be some kind of declining growth, i would say. decelerating growth in china. >> i think the biggest thing is if you're worried about china, you still buy apple off of this. but when you have a choice of ibm would you rather, hewlett-packard. i'm going to give you the choices. i'm going to pick hpq. you go with the winner in the impending split. i think you buy yield packard still. >> you agree? >> i think it's been dead money. i think it's been all financial energy i engineering. i like intel here. they've been outgrowing what we know is a slowing pc market.

the stocks pull back, you don't buy it tomorrow. of all the companies that probably have the largest percentage of their e.m. sales, intel to me is the most insulated. a lot of its component makers, i think they're better off. >> rumors hitting the street of bill ackman's latest investment. we'll break down the trade next.

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had taken interest in mickey ds. >> stock was trading a new 52-week low. stock went up 3.5%. i guess the rumor is that he would push for the company to actually spin out a bunch of their real estate into a read, which obviously has a lot of favorable tax implications. 80% of their stores are

franchise-owned. i don't really get it, but the stock actually held a bumnch of those gains. the most active strike was december. this friday expiration, 90 calls. when i see that sort of short data call activity. it's traders looking to kind of play the momentum. i don't really put a lot of merit into it. when you look at the chart here, this is the one chart, this is that kind of new low that we saw this morning. it's down from where our friend called it. i think he said it was going to go to 95, 96 the last month. but obviously the thing's been a massive jur ivive underperforme. this 90 level is a really big level. if this rumor doesn't pan out, i would expect to see some salad. when you get rumors like this and you see the short call buying, you see a spike in implied volatility. generally, unless you have conviction, you don't want to chase buying directional options after you see a spike like that.

>> so i'm going to ask g-sw g-swizzle -- >> i like that. >> we're going to ask you, would you rather mcdonald's or darden? >> wow. see, that's a tough one. >> i know. >> darden, over 60 yes. mcdonald's, if it holding 85. that was the low we made back in 2012, we bounced off that. so against 85, mcdonald's. but i'd rather own darden if it closes above 60. >> answer the question, mark! >> i don't feel like he's answered the question at all. >> darden. >> right here. >> okay. fine. for more, check out our live show on fridays. you tweet, we traded. let's get to some of the tweets out there today. this one's for tim. speaking of blood bath, i bought el pollo loco, i must be loco. >> we talked about a lot of these high multiple stocks. i've been offended by the

multiples in some of these casual dining stocks. i think they're unsustainable. these guys are blowing mcdonald's out of the restaurant. but if you look at where we are in this environment, i think the stock probably somewhere around 41, $42. actually has pretty good support. i think if you're looking at the chart here, it's a place where you could probably be taking some profits. >> here's one. loco or darden? >> are we playing this game again? >> i'm going to say loco. >> no, darden. >> how about darden or jack? >> jack. we can play this game all night. >> all night. or not. coming up on "mad money," yes, even your couch. cramer is covering the economy from all angles. get the insights from these high-profile ceos. plus, cramer's take on today's wild action. stay tuned.

welcome back to "fast money." news alert here on a credit rating for alaska. moody's has revived alaska's outlook to a negative outlook from a prior stable outlook, but they reaffirmed their aaa rating on general obligation bonds.

moody's has basically revised the outlook of the state of alaska to negative because of the plunge in oil prices since the start of the fiscal year that now threatens to rapidly and significantly reduce the state's budgetary reserves here, so, melissa, gang, alaska still aaa but the outlook negative because it's so reliant on the oil industry. >> time now for the final trade. let's go around the horn. >> quick question, i made 22, not 42. my final trade is china mobile, chl. this stock has very good support. it's a yield play. it's a valuation play, but as much of a yield play for a company. danny mentioned them. i think now they're reaping the benefits. >> dan? >> g-swizz has not wavered one bit. a short-term basis, i'm on puts. i think we settle it after the fed meeting. >> oil lower, delta higher. >> wow, that was fast. >> spirit airlines got an

update, trading okay today. we talked the other day about it making a 50% correction. s-a-v-e. >> see you back here tomorrow at 5:00 for more "fast money." "mad money" with jim cramer starts right now. my mission is simple. to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere. and i promise to help you find it. "mad money" starts now. >> hey, i'm cramer! welcome to "mad money." welcome to cramerica. other people want to make friends. i'm just trying to not lose a lot of money here. my job is not just to entertain you, but educate, teach you, put it in perspective, call me at i-800-743-cnbc. tweet me @jimcramer. this setup couldn't be more visceral. it's goldilocks versus the three